Question & AnswerQ&A (Republic Act No. 357)
The primary purpose of Republic Act No. 357 is to authorize the National Power Corporation to contract loans from the International Bank for Reconstruction and Development, with the President of the Philippines authorized to negotiate, contract, and guarantee these loans on behalf of the Republic.
The National Power Corporation can contract loans not exceeding a total of fifty million United States dollars or its equivalent in other currencies, exclusive of interest.
The President of the Philippines is authorized to negotiate and contract loans in the name and on behalf of the National Power Corporation.
The President is authorized to absolutely and unconditionally guarantee the payment of the loans and the performance of obligations undertaken by the National Power Corporation as a primary obligor, not merely as a surety.
Yes, the President can designate, by written appointment, other persons to exercise any or all powers conferred upon him by this Act.
No, the loans and all payments made pursuant thereto shall be exempt from taxes, contributions, duties, fees, imposts, charges, and restrictions of the Republic of the Philippines and its political subdivisions.
The loans are intended to assist in the reconstruction or promote the development of the Philippine economy.
All laws or provisions of laws contrary to this Act are repealed.
The Act took effect upon its approval on June 4, 1949.
The loans contracted under this Act shall be exempt from the provisions of section four of Commonwealth Act Numbered One hundred twenty, as amended by Commonwealth Acts Numbered Three hundred forty-four and Four hundred ninety-five.